- Borrowers who need a small loan
- Borrowers with past-due education balances
- Borrowers who want to make payments while in school
With Custom Choice, borrowers can take advantage of both the 0.25% autopay discount plus a 2% principal reduction for graduating with at least a bachelor’s degree.
For a limited time, new Custom Choice applicants can receive an additional 0.50% interest rate reduction during the Summer Savings event, which runs through August 31, 2021.
In this Custom Choice student loan review:
- Custom Choice interest rates and loan details
- Custom Choice student loan review
- How does the Custom Choice Loan compare
- How to take out a Custom Choice Loan
- How the Custom Choice Loan can improve
- Other lenders to consider
- Why Credible
Custom Choice interest rates and loan details
If you’re considering a Custom Choice Loan, here’s what you need to know:
|Rates from (APR)||3.2%+|
|Variable rates from (APR)||1.27%+|
|Loan amounts||$1,000 to $99,999 annually
($180,000 aggregate limit)
|Loan terms||3 and 5 years|
|Min. credit score||Does not disclose|
|Min. income||Does not disclose|
|Fees||No application, origination, or late fees|
|Cosigner release||Applications accepted after 36 consecutive, on-time principal and interest payments|
|Loan servicer||American Education Services|
A Custom Choice private student loan could be best if:
- You need a small loan. With a Custom Choice Loan, you can borrow as little as $1,000 up to $99,999 annually. This could be helpful if you need to cover small expenses, such as college textbooks or fees.
- You have past-due balances. You can apply for a Custom Choice student loan up to 12 months after you’ve left school to cover past-due balances.
- You want to make payments while in school. Custom Choice provides multiple in-school repayment options, which could help you put a dent in your debt and reduce the overall cost of your loan before you leave school.
Learn More: Is My College Housing Covered by Financial Aid?
Custom Choice student loan review
You can borrow $1,000 to $99,999 annually and up to $180,000 in total with a seven, 10-, or 15-year repayment term. These funds can be used to finance undergraduate or graduate school costs — such as tuition, housing, and other living expenses.
How to qualify
To qualify for a Custom Choice private student loan, you must:
- Be a U.S. citizen or permanent resident
- Undergo a credit check
- Provide proof of income
- Not permanently reside in Arizona, Iowa, or Wisconsin
Learn More: Taking Out Student Loans Without a Cosigner
Custom Choice offers four different repayment options. These include:
- Immediate repayment: Your first payment will be due 30 to 60 days after your loan is disbursed. The minimum payment is $50.
- Interest-only repayment: You’ll pay the interest that accrues each month while you’re in school, then make full payments six months after you’ve left school or dropped below half-time enrollment status.
- Flat payment: You’ll pay a flat $25 payment while you’re in school. Keep in mind that any interest accrued during this time will capitalize at the time of repayment. This option is available only for loans of at least $5,000.
- Full deferment: You can also choose to defer your payments while you’re in school at least half time. Like with the flat payment option, any interest that accrues will capitalize at the time of repayment.
Additionally, borrowers who have a cosigner can apply to release them from the loan after making 36 consecutive, on-time principal and interest payments. Keep in mind that borrowers need to meet underwriting criteria on their own to qualify for cosigner release.
Check Out: How Long Does It Take to Get a Student Loan?
How does the Custom Choice Loan compare
Here’s how the Custom Choice Loan compares to private student loans offered by two of Credible’s other partner lenders:
|Rates from (APR)||Fixed:|
|Loan amounts||$1,000 to $99,999 annually|
($180,000 aggregate limit)
|$2,001 to $200,000||$1,000 up to 100% of cost of attendance|
|Loan terms (Years)||7, 10, or 15||5, 7, 10, 12, 15, or 20 |
(depending on loan type)
|5, 8, 10, or 15|
|Cosigner release?||Applications accepted after 36 consecutive, on‑time principal and interest payments||Applications accepted after 24 consecutive, on‑time payments||Applications accepted after 24 months of consecutive, on-time payments|
|Loan servicer||American Education Services||Launch Servicing||University Account Service (UAS)|
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures
Learn More: Banks That Offer Student Loans
How to take out a Custom Choice Loan
Depending on your needs, the Custom Choice Loan could be a good option to help you pay for college. But before you decide, it’s a good idea to consider your options from as many other lenders as possible — this way, you can find the right loan for you.
With Credible, you can compare your prequalified rates from Custom Choice and other vetted lenders in just two minutes.
How the Custom Choice Loan can improve
While Custom Choice offers several perks, it could improve by:
- Working with borrowers nationwide: The Custom Choice Loan isn’t available to permanent residents of Arizona, Iowa, or Wisconsin.
- Offering a 20-year loan term: The longest repayment term the Custom Choice Loan provides is 15 years. If you want a 20-year loan term, you’ll need to consider other lenders.
- Raising its loan limits: With the Custom Choice Loan, you can borrow only up to $99,999 annually. Custom Choice Loans also have a $180,000 aggregate limit that includes both private and federal student loans. This might not be enough for borrowers attending more expensive programs.
Learn More: How to Get a Student Loan With No Credit Check
Other lenders to consider
If you aren’t eligible for a Custom Choice private student loan, there are plenty of other lenders to consider, including:
Before you take out a private student loan, remember to compare as many lenders as you can to find a loan that works best for you. Credible makes this easy — you can see your prequalified rates from several vetted lenders after filling out a single form.
Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the refinancing process and a loan is disbursed.
Additionally, Credible charges you no fees of any kind to compare your refinancing options.
Keep Reading: 5 Steps to Take If You Can’t Afford College